Over 5 million existing homes are sold in the United States every year.
The vast majority of these sellers hire real estate agents to do the job on their behalf, but nothing stops you from selling without getting any help from these professionals. After all, selling your home without an agent effectively cuts out the middleman, meaning you stand to make a lot more money from the sale.
However, there’s a reason most sellers hire an agent. It’s because the for sale by owner model has its fair share of challenges.
Worry not, though.
Here’s how to sell home by owner the right way.
When you’re working with a seller’s agent, one of the first things they will tell you is you need to move out of the house. A vacant house is much easier to sell because potential buyers can view it to their satisfaction.
When you’re selling on your own, you might want to do things by your own rules. This could mean putting the house on sale even when you’re still living in it.
Don’t do this.
Potential buyers want to see the interior of the home, not just the exterior.
In fact, it’s possible that you might have to stage the home in order to sell it quickly. For this to happen, you have to move out of the house.
Get the Property Appraised
An agent will organize for the appraisal of the home.
When you’re selling on your own, the onus is on you to do the same. You might be tempted to skip hiring a property appraiser because you think you have a good idea of the value of the home, but don’t make this mistake.
There are several factors that affect the value of a home. The figure you have in your head might not be the actual present value of the house.
What’s more, potential buyers will ask you to provide the home inspection and valuation report. The sooner you can provide these documents, the quicker you’ll likely close a sale.
Know How to Market Your Home
There’s the oldest method in the book: placing a “house for sale” or “for sale by owner” sign outside your gate.
This can work, but mostly when the potential buyer you’re eyeing is your neighbor. In the modern world, you have to do more than that.
Marketing has gone digital, which means you have to promote your home on digital real estate classifieds as well as on social media. Take clear photos and high-quality videos to go with your postings.
An agent will handle the digital marketing, but now that you’re doing FSBO, you have no choice but to learn the ropes quickly. After all, your primary goal is to save money.
Up Your Negotiation Skills
Homes being sold by owner often attract a lot of negotiation. Potential buyers will lowball you and unless you know how to negotiate, you might not sell the property at the right price. So, sharpen your negotiation skills.
How to Sell Home by Owner Made Simpler
Selling a home isn’t an easy task, especially if you decide not to get the help of an experienced agent. However, with this guide on how to sell home by owner, you now know how to go about the process.
All the best and keep reading our blog for more real estate tips and insights.